5 Important strategies for Retailers to reduce shopping cart abandonment

1. Top 5 effective ways of reducing shopping cart abandonment
01
Info-Wallet
Shopping Cart Abandonment
This is a bane for the online retailers. Data shows
that it has been always on the increase and this
year it is predicted to be around 68%. This means 2
out of the 3 customers will just add the products in
their cart and go away. But the good part is around
63% of that is potentially recoverable using differ-
ent methods. Let’s take a look at some of those.
1. Follow up Emails
According to Listrak, you should send a follow up
email, within 3 hours, after a consumer abandons a
cart. This leads to a 40% open rate and a 20% click
through rate. This is due to the factor that your
product is still fresh in the customer’s memory.
2. Transparency in Shipping Fees
Show your shipping costs upfront. If possible make it
free. This is the number one reason of abandonment
as per the surveys by PayPal and ComScore. 57% don’t
want to pay for shipping costs.
3. Offer coupons/discounts
Recent studies show that, almost half of the custom-
ers think that the prices are too high. On top of that,
around 25% seek out for coupons. So, there can be
some kind of loyalty management where customers can
get discounts for their next buy, free shipping, etc.
4. Get an SSL certificate
Reinforce your web security and privacy using certifica-
tion like McAfee Secure. You have to communicate to
your customers that their information won’t

2. be shared outside. They want to feel safe
while doing online transaction and look for a
secured checkout process.
5. Shorter Checkouts
In this online world, time is of the essence. If
the process looks to be taking too much time,
customers tend to drop out. Many retailers are
providing a login using Facebook, Twitter, etc.
to reduce the time. There are many other ways
which can streamline the process.
Getting them back
There are many other ways of tempting your
customers back on track. One of them is do-
ing a remarketing campaign. This campaign
targets specifically those, who have already
visited a particular page of your website. The
revenue for online retailers is predicted to be
around $ 1.59 trillion, this year. With such high
abandonment rates, you are losing a big op-
portunity. Going by the calculations, the value
of the abandoned carts would be standing
around $4.97 trillion. It’s a huge challenge and
an opportunity at the same time. With a little
bit of tweaks here and there, retailers can go
a long way in effectively harnessing this op-
portunity.
02
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